The company now holds just 25% of the Bitcoin it purchased last year.
According to Tesla’s Q2 2022 earnings report released on Tuesday, the car manufacturer has sold almost all of its Bitcoin into fiat currency. The selloff netted the company an additional $936 million in cash for its balance sheet.
As reads the report, Tesla “converted approximately 75% of [its] Bitcoin purchases into fiat currency,” as of Q2 2022.
“Conversions in Q2 added $936M of cash to our balance sheet,” it continues.
The company initially purchased $1.5 billion worth of Bitcoin in February of 2021, adding momentum to an already fiery bull market.
However, the company ceased accepting Bitcoin for car payments in May of last year due to environmental concerns surrounding Bitcoin mining.
The company’s CEO Elon Musk has since taken a stronger liking to Dogecoin, which he considers better for transactions.
Musk confirmed last July that he personally owns a mix of Bitcoin, Ethereum, and Dogecoin.
The CEO claimed that Tesla may resume accepting Bitcoin again if he can confirm its mining industry is trending toward renewable energy.
The Bitcoin Mining Council’s Q2 2022 report found that 59.5% of the mining industry runs on sustainable power. That’s the fifth quarter in a row for which that figure has stood above 50%.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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